NIBE acquires 65% of Tempeff

The company will be part of the NIBE Climate Solutions business area. Tempeff is manufacturer of high efficient heat recovery ventilation products that are made for commercial, institutional and industrial applications, especially in cold climates. Founded in 2008, Tempeff has approximately 50 employees and annual sales of just over CAD 10 million (approximately EUR 7 million) with an operating margin exceeding 10 percent. Sales are mainly in the Canadian domestic market, but the company also has good growth in the United States. “With Tempeff, we are expanding our range of products for climate control of large properties and continuing our expansion in the North American market, together with ClimateCraft, the American company we acquired last year,” says Gerteric Lindquist, Managing Director and CEO of NIBE Industrier. “We’re pleased that Tempeff’s management team will continue to run the company, led by founder and CEO Garth Evans and General Manager Ken Smith." Tempeff will be consolidated in NIBE as of 1 June 2017. The purchase price has not been disclosed.